April 19, 2023

Thailand's soybean imports set to rebound in 2022/23

A report from the Global Agricultural Information Network showed that soybean imports to Thailand in marketing year 2022/23 will rebound to 3.9 million tonnes and increase to nearly 4 million tonnes in 2023/24, thanks toa recovering economy and rising demand for poultry and swine feed, World Grain reported.

The report, which comes from the Foreign Agricultural Service (FAS) of the US Department of Agriculture, also showed that Thailand's soybean meal imports are expected to fluctuate in 2022/23 and 2023/24, following a surge in 2021/22 when full fat soybean supplies were scarce.

The Thai Feed Mill Association anticipates a 5% increase in total feed demand and a 15% increase in swine feed demand in 2023, as swine farmers become more optimistic and expand their production.

This comes after the last year's outbreak of African swine fever (ASF), which significantly reduced the swine population in Thailand.

Farmers have no incentive to expand soybean acreage due to unattractive returns compared to other field crops such as corn and cassava, so soybean production is marginal at 50,000 to 60,000 tonnes. The Thai government continues to prohibit the cultivation of any transgenic or biotech plants, including soybeans.

-      World Grain